All Forum Posts by: Ashley Rummage

Hi all you Watauga investors - how is the market doing up there? I have seen a lot of Raleigh area Realtors purchase homes to STR up there and am curious what those who are living in the market are feeling about things. Is it oversaturated? Do you feel that inventory is picking up?

Thanks for the invite but I am not able to make it - a quick update - we started working on a STR but due to complications with driveway work etc and an opportunity at the coast popped up, we tabled it. I am still interested in finding a small cabin up there if anyone knows of anything. Here is the Airbnb we started at Carolina Beach and it has been a lot of fun :)

@Daniel Jones - great info! I am in the process of setting up an STR outside of town limits - do you have recommendations for a cleaning company? I am from Boone originally and know some folks but honestly would like to hire a business that specializes in turnovers. :)

Hi Scott and Sarah, I have someone in mind to connect you with in Boone/Blowing Rock. I grew up there and have a handful of connections up there now. I will message you :) 

I grew up in Boone if you have questions (and still know a lot of folks up there including Realtors). Let me know how I can help. I would not have an AirBnB in Boone town limits but outside of it. The college has become a huge attraction in itself and anytime I have tried to book a place up there for a game or event etc. it has been very difficult to find anything. Not many hotels etc. 

I am late to the game here but in NC if the seller sees the issues on the report and then tries to re-list the home without disclosing, that is a big no-no. They must disclose any known issues to future sellers OR repair it. This is great leverage when negotiating later in the game. 

Hi @Jiri B. - I cannot thank you enough for running through that and giving me your thoughts! Here are a few notes on top of your notes :)   

You are correct, it is Garner and a hop, skip, jump to DTR - I think with the right renovations and marketing I could get 1250 but am optimistic for $1,300 but you are right, let's be more conservative to be safe.

Closing costs include me paying an agent a fee for bringing me the deal..although CC may not be the right field for that. It is not clear yet if I will just add on to purchase price etc. Prob that way now that I think about the HUD

Coast CU qualified me for a 15% loan on a SFH investment property...I hope I am not missing something here

Def. not planning on living in it and I guess I wonder why not 30 years (I am GREEN so please forgive any elementary questions). I know a 15 would make monthly too high (I think)

The 30K is cash.

It would be flooring, popcorn removal, paint and new cabinets/appliances in kitchen, basic new light fixtures for 1,234 sq. ft.

City water/sewer thank goodness :)

Would love to get insight on the shorter loan aspect of it. The home was built in 1970 so def. older but single level, crawl, new roof and new HVAC which fits my criteria. I wish it were newer but I also know the big items are taken care of for now. Do you see any issues with the cash flow? My goal would be to have $300 CF a month but I am also really wanting to make something happen to get the wheels going and this opportunity is in front of me....

View report

I feel like I am missing something....I think this could be a decent first property in an area that is increasing in value and very close to downtown Raleigh. It needs some cosmetic love but HVAC and roof are new and it is single level, brick home 3/2. Thank you for any input :) 

*This link comes directly from our calculators, based on information input by the member who posted.

Thank you SO much Anson! Do you have an LLC for your agency or an S Corp? I think I need to find a CPA that deals with Realtors/RE Investors. I want to be sure I go about it the smart way. Ever since getting into broker sales, I have just gotten a regular individual 1099. I created an LLC last year but someone told me recently that I should have done an S Corp.

For those of you who are licensed Realtors and who also own RE investments, how did you structure your business? I am not asking for "legal" advice and know I should consult my CPA or attorney but would love to see what other folks are doing. Do you have an LLC/S Corp for your real estate business and a separate LLC for buy and holds etc?